EUR/USD technical analysis for 19/02/2019:
The resistance holds, for now, the price pulls-back lower
Technical market overview:
The EUR/USD price was not able to break through the technical resistance zone located between the levels of 1.1321-1.1341 and the price pulled-back towards the 38% Fibonacci retracement at the level of 1.1295. The momentum is below the neutral level, which is again not a very good indication of the strength of the bullish side of the market. The next targets for bears are the Fibo retracements at 50% (at 1.1283) and 61% (at 1.1272). Only a clear breakout above the level of 1.1341 would change the short-term outlook from bearish to bullish.
Weekly Pivot Points:
WR3 – 1.1452
WR2 – 1.1395
WR1 – 1.1341
Weekly Pivot – 1.1286
WS1 – 1.1238
WS2 – 1.1177
WS3 – 1.1130
All of the sell orders opened yesterday should be still in play as the targets are seen at the levels of 1.1295, 1.1283 and 1.1272. The corrective move down might get time-consuming, so the patience is required now.
The material has been provided by InstaForex Company – www.instaforex.com